PayUMoney increases number of its merchant customers to more than 1 lakh

The Gurgaon-based company, which is adding another 8,000 transacting merchants this month, has also seen its wallet customers increase to 7.5 million customers.Vasumita S Adarsh | ET Bureau | November 24, 2015, 08:44 IST

The Gurgaon-based company, which is adding another 8,000 transacting merchants this month, has also seen its wallet customers increase to 7.5 million customers.PUNE: Online payments solution company PayUMoney has increased the number of its merchant customers to more than 1 lakh, boosting its transaction rate five times in the process to bring it to 1.5 lakh a day.

The Gurgaon-based company, which is adding another 8,000 transacting merchants this month, has also seen its wallet customers increase to 7.5 million customers.

“This is in line with our two-fold strategy to increase our merchant customer base and increase our wallet customers. We are also aiming to cross-sell our merchants to our wallet customers, so they can use the Pay U wallet across multiple merchants,” said Nitin Gupta, CEO and cofounder of Pay-Umoney.

Gupta said the company is looking to increase its merchant customer base to 5 lakh by October 2016. By then, the company also expects to see its wallet customers grow fourfold to about 30 million, he said.

“Our merchant customers are from across sectors including travel and hospitality, educational institutions, housing societies and freelance merchants. Being present across sectors helps us crosssell our merchants to our wallet customers.

“Around 75% of our customers are already using PayUMoney’s wallet across two or more merchants,” said Nitin Gupta.

He said the company expects the number of transactions to increase five-fold within a year to 7.5 lakh per day, excluding mobile recharges. “We are aiming to increase the wallet experience for our customers as well as increase our role as a payment aggregator,” said Nitin Gupta.

The company has entered into major tie-ups in the government utilities sector with Torrent Power, Delhi Jal Board and Bangalore Electricity Supply Company, among others.

Gupta said the company plans to enter into major tie-ups in the transport sector by next month.